The S&P 500 was on track to close above 5,000 for the first time last night as Wall Street’s record-breaking start to the year continued.
The index – home to America’s largest companies, from Microsoft and Apple to General Electric and Coca-Cola – has risen for five weeks in a row.
The latest rally came after the U.S. Bureau of Labor Statistics’ revised December inflation figures were lower than initially reported.
Boom: Optimism about artificial intelligence and hopes that the Federal Reserve will cut interest rates has sent stocks soaring on Wall Street
Optimism about artificial intelligence and hopes that the Federal Reserve will cut interest rates have sent stocks soaring on Wall Street.
In London, the FTSE 100 fell 0.3 percent, or 22.9 points, to 7572.58 and the FTSE 250 fell 0.2 percent, or 40.40 points, to 19062.32.
London hosted the biggest stock exchange of the year as a BAE Systems-backed airline made its stock market debut.
Kazakhstan’s Air Astana has priced its shares at $9.50 each, valuing the company at £672 million.
But shares fell to $9 in a subdued first trading session. BAE shares rose 1.2 percent, or 14.5p, to 1,209.5p.
It comes as London struggles to attract blockbuster entries after Cambridge-based Arm opted for New York last year.
Arm shares rose about 60 percent on Thursday after a string of stellar results. Shares rose 0.5 percent yesterday and, at almost $110, are still more than double their listing price of $51.
Air Astana, which listed its shares in London and Kazakhstan, has a fleet of 50 aircraft and carries around 8 million passengers annually.
Before the IPO, BAE owned 49 percent of the group, with the rest held by Kazakhstan’s sovereign wealth fund. Britain’s largest defense group has a 15.3 percent stake after selling 21.7 million shares for £163 million.
Peter Foster, president and CEO of Air Astana, said the listing “has created the perfect platform to raise capital while allowing both local citizens and international investors to participate in our success story.”
Watches of Switzerland chairman Ian Carter bought almost £200,000 worth of shares in the Rolex retailer. Watches from Swiss stock rose 5.8 percent, or 21.4p, to 393.8p.
Developer Bellway welcomed signs of recovery in the property market as lower mortgage rates stimulate demand for new homes.
The housebuilder reported a 30 per cent drop in sales to £1.25 billion in the six months to the end of January, after selling 4,092 new homes – 1,603 fewer than the same period a year earlier.
The average sales price also fell by almost 2.5 percent to £309,300. Shares rose 1.4 percent, or 38p, to 2848p.
There was good news for bitcoin as the world’s largest cryptocurrency hit $47,000 – a level not seen since March 2022 – as investors renewed their risk appetite after a recent sell-off.
Back on the stock market, Direct Line said new boss Adam Winslow will take over as CEO next month.
He was appointed in August after leading the group’s general insurance business in the UK and Ireland since May 2021. Shares fell 0.7 percent, or 1.1p, to 161.7p. DS Smith expanded its profits a day after the paper and packaging company said it had been approached by rival Mondi about a possible partnership.
DS Smith shares rose 2.5 percent, or 7.6p, to 316.2p. Mondi fell 0.6 percent, or 8p, to 1344p
Shares of Digital 9 Infrastructure fell by almost a quarter on Thursday after the data center and wireless network investor said the sale of its prized asset will be investigated by Iceland’s antitrust authority.
It expected the £465m sale of its Verne Global business to Ardian France SA, agreed last November, to be approved in March. But the research means it could take longer. The stock fell 0.8 percent, or 0.14p, to 17.56p.